We have experienced a hot real estate market for the past few months, with well-priced homes often receiving multiple offers and even selling above the asking price. If you are thinking of selling, now is the time. Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), reports that the month of May is showing signs of leveling off, with many buyers pausing while they wait Continue Reading
Rosy Picture For Incline Village Real Estate
ROSY PICTURE FOR INCLINE VILLAGE REAL ESTATE According to Bank of America - Merrill Lynch, home prices will be heading even higher this year with an anticipated increase of 8%. This is due to a shrinking inventory and record high affordability. In addition, the Federal Reserve will keep the mortgage rates at historically low levels this year. Merrill Lynch also comments that due to the Continue Reading
Market Update
Could home prices rise by 35%? According to Raj Dosaj, vice presdient of the home price index at LPS Applied Analytics, that is a distinct possibility, and could even happen without affecting home affordability. He did add one caveat though, and that is the assumption that interest rates reamin low. From everything we have been reading, the Fed has no intention of letting interest rates rise Continue Reading
Incline Village Vacation Homes
Sales o f vacation homes were up 10.1% last year, accounting for 11% of all home sales, according to the National Association of Realtors. The surge in demand helped lift median vacation home prices by 24% year over year. Granted that much of this increase was the result of the tremendous interest investors have had in distress sales in hot markets in Arizona, Las Vegas, and Florida which they Continue Reading
Market Update
One thing that is clear in today’s marketplace is the shifting landscape in how real estate purchases are financed. It’s no secret that lending policies have tightened during the past several years. The result is an influx of all cash transactions. So far this year in Incline Village Real Estate: 64% of all condos and 28% of all homes, have been cash transactions. That means collectively over Continue Reading
Market Update
According to Bloomberg News, housing starts in the U.S. hovered in February near a three-year high and building permits rose, adding to signs that the industry at the heart of the last financial crisis is stabilizing. The number of building permits climbed to the highest level since Oct. 2008 with an annual pace of 717,000. This increase will help strengthen the housing market. Demand for Continue Reading
Short Sales & REO’s
With the growing number of short sale and REO properties coming onto the market, it is important to know the difference between the two. Short Sales Short sale is the process a homeowner attempts to go through to prevent foreclosure. They ask the lender to forgive the debt since they are selling the property for less than what is owed. The sale is contingent upon approval by the lender. Continue Reading
Market Update
From dealing with bank owned properties, I have heard of a number of sad stories from homeowners losing their homes. It is difficult to see someone work so hard to acquire the American dream of home ownership only to see it being taken away. There is the one story that I remember from a previous mortgagor that lost his home that dealt with force-placed lender insurance. Basically, every Continue Reading
Market Update- Incline Village Homes & Condos
Realtor Magazine recently had a feature article, “23 Federal Laws that Apply to Real Estate Sales”. There were some interesting laws relating to loans which included the Mortgage Reform and Anti-Predatory Lending Act. This act governs lender compensation to curb abusive loans by restricting the way mortgage professionals are paid. There is also the Fair Credit Reporting Act that permits Continue Reading
Market Update
Buying a property is a big decision and we always recommend that you hire a professional home inspector to make sure that your home is in good working order. The home inspection period here in Incline Village is typically the first 14 days upon the acceptance date of the contract. A basic home inspection report will cover the foundation, walls, ceilings, floors, windows, doors, heating and air Continue Reading